Professional Service with Personal Integrity
By Daniel Hood
Published January 07 2019, 7∶52pm EST
© Accounting Today
While the ongoing government shutdown had some concerned about a possible delayed start to tax season, the Internal Revenue Service confirmed Monday that it would begin processing tax returns on Jan. 28 – and issuing refunds on a regular schedule.
“We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard work of the employees and their commitment to the taxpayers during this period,” said IRS Commissioner Chuck Rettig in a statement.
The IRS reminds holiday shoppers to protect their tax and financial data from identity thieves. All it takes is a few extra steps to prevent cybercriminals from stealing sensitive data, such as financial account information, Social Security numbers, and credit card information. Thieves could use this data to file a fraudulent tax return in 2019.
This tip is part of National Tax Security Awareness Week. The IRS is partnering with state tax agencies and its partners in the Security Summit to remind to taxpayers and tax professionals about the importance of protecting data.
With each passing minute, we get closer to the first government shutdown in 17 years.
That raises the question of what's next in the tax world if that happens.
The Internal Revenue Services has a plan. Its 61-page shutdown contingency document details the agency's preparation for and implementation of a shutdown of its services and offices, as well as reactivation of tax functions.
With the approach of the holidays and the 2018 filing season, the IRS, state tax agencies and the nation’s tax industry are urging Americans to be on the lookout for new, sophisticated email phishing scams that could endanger their personal information and next year’s tax refund.
The most common way for cybercriminals to steal bank account information, passwords, credit cards or Social Security numbers is to simply ask for them. Every day, people fall victim to phishing scams that cost them their time and their money.
This July the IRS and SSA made changes to the deadline given to businesses that issue W-2 and 1099-MISC forms. When businesses e-filed their W-2/1099's, they were given until March 31st each year. Now that deadline has moved to Jan 31, 2017. Any forms filed past that date are subject to $260.00 per form.
Avoid the new IRS penalties by doing the following
- Be sure to have all of your contractors fill out and send to you their W-9 this month (if you don’t have them already)
- If the deadline is approaching and you don't have all your info you can file a 30 day extension at no cost with IRS Form 8809